Execution of strategic plan on track
SAN MATEO, CA – June 10, 2015– Selectica, Inc. (NASDAQ: SLTC), a leading provider of supply management and enterprise contract lifecycle management applications from source to pay, and configuration solutions today announced financial results for its fourth quarter and fiscal year ended March 31, 2015.
FY2015 Financial Highlights:
- GAAP revenue was $20.9 million in FY 2015, compared to $15.8MM in FY 2014, an increase of 32%. Non-GAAP revenue increased 41% from $15.8 million to $22.3 million. The difference between GAAP and Non-GAAP revenue is due to the Iasta purchase accounting deferred revenue adjustment.
- GAAP gross profit percentage decreased from 46% in FY2014 to 41% in FY2015. Non-GAAP gross profit percentage increased from 46% in FY2014 to 47% in FY2015. The difference between GAAP and Non-GAAP gross profit is due to the Iasta purchase accounting deferred revenue adjustment and the amortization of intangibles.
- Deferred revenues increased 47% from $5.7 million in FY2014 to $8.4 million in FY2015.
- Billings increased 73% from $13.6 million in FY2014 to $23.6 million in FY2015. Billings, a non-GAAP measure, are defined as revenues plus the change in deferred revenues.
Q4 and FY2015 Financial Measures:
(in thousands, except
per share amounts)
|FY 2015||FY 2014||Change|
|Revenue||$ 5,929||$ 5,984||$ 3,541||(1%)||67%||$ 20,877||$ 15,789||32%|
|Gross profit||$ 2,234||$ 3,802||$969||(28%)||131%||$8,574||$ 7,228||19%|
|Gross profit percentage||38%||52%||27%||(14 pts)||11 pts||41%||46%||(5 pts)|
|Net loss||$ (4,253)||$ (3,843)||$ (3,168)||11%||34%||$ (13,746)||$ (8,179)||68%|
|EPS||$ (0.53)||$ (0.49)||$ (1.89)||$ (0.04)||$ 1.36||$ (1.89)||$ (2.13)||$ 0.24|
(in thousands, except
per share amounts)
|FY 2015||FY 2014||Change|
|Revenue||$ 6,085||$ 6,316||$ 3,541||(4%)||72%||$ 22,328||$ 15,789||41%|
|Gross profit||$ 2,392||$ 3,573||$ (969)||(33%)||(347%)||$ 10,025||$ 7,228||39%|
|Gross profit percentage||39%||57%||(27%)||(18pts)||66 pts||45%||46%||(1 pts)|
|Net Loss||$ (1,790)||$ (2,482)||$ (2,940)||(28%)||(39%)||$ (9,605)||$ (7,785)||23%|
|EPS||$ (0.22)||$ (0.32)||$ (0.64)||$ 0.10||$ 0.42||$ (1.32)||$ (2.03)||$ 0.71|
|Billings||$ 6,227||$ 7,209||$ 3,199||(14%)||95%||$ 23,560||$ 13,613||73%|
“Since joining Selectica eighteen months ago, the executive team architected a strategic plan to become a leader in Supply Management and Enterprise Contract Lifecycle Management. In fiscal year 2015, this strategy has come to fruition with the integration of Iasta into Selectica and the pending closure of the b-pack acquisition,“ said Patrick Stakenas, CEO and President of Selectica. “This is a tremendously exciting time for me to lead Selectica as delivery on our strategic roadmap is on track, the re-launch of our sales organization is complete, and the business is now positioned to deliver results. I’m very optimistic as I look ahead at our pipeline, full suite of products and high performing team.”
FY 2015 Business Highlights:
- In Q2 FY 2015 Completed acquisition and Integration of Iasta, an industry leading SaaS-based sourcing and spend management solutions company focused on providing strategic sourcing, business intelligence, spend analysis, supplier management, and contract management technology.
- In Q2 FY 2015, Selectica hosted its first Contract Lifecycle Management and Supply Management Customer User Conference. The successful event spanned over three days and included 60+ attendees across more than 35 companies.
- In Q3 FY 2015, Selectica launched SmartSource Cloud, the Company’s latest solution that intelligently blends eSourcing, Supplier Information Management and Spend Analytics. Its powerful analytic information is integrated directly into the sourcing application that ensures maximum user adoption driving better decision-making and impacts to an enterprise’s bottom line. SmartSource Cloud was designed and architected from the ground up to be the best strategic sourcing product on the market.
- In Q4 of FY 2015, announced agreement to acquire b-pack, a global leader in purchase-to-pay software and services. The acquisition is expected to close in early Q2 FY 2016, and provides complementary solutions to Selectica’s current offerings and go-to-market strategy to provide upstream and downstream supply management solutions.
- In Q4 FY 2015, Selectica was acknowledged as a Visionary in the Magic Quadrant for Strategic Sourcing Application, published by Gartner.
- During the fiscal year added 35+ new corporate brands to the customer portfolio, including major multinational corporate customers across numerous business verticals, including pharmaceuticals, retail, transportation (airlines), packaged foods, soft drinks, consulting, business analytics + consulting, medical devices, networking/telecommunications, regulated utilities and shipping.
June 10, 2015 Conference Call & Webcast:
A conference call and webcast will be held today at 5:00 p.m. EDT to review these results. Interested parties may participate via conference call and webcast; more details:
Live Participant Conference Call Numbers:
- Toll-Free: 1-877-407-0789
- Toll/International: 1-201-689-8562
Live Webcast Link: http://public.viavid.com/index.php?id=114749
About Determine, Inc.
Determine (NASDAQ: DTRM) is a provider of leading enterprise cloud software solutions with over four decades of collective technical and process knowledge in the areas of strategic sourcing, enterprise contract lifecycle management, and procure to pay solutions. We provide the next generation of agile, enterprise cloud solutions for managing the needs of modern business. Using our intuitive applications, organizations can effectively manage the full scope of source to pay and enterprise contract lifecycle management requirements using the Determine platform.
The Determine platform is an open technology infrastructure based on smart process application models. The goal of our platform is to establish awareness of relevant data, manage business documents, embed analytical tools, create a means for collaboration, and provide advanced process management tools for fully integrating business processes through an open API infrastructure. Built on a unified and highly scalable platform, we deliver deep and innovative capabilities in strategic sourcing, supplier management, enterprise contract lifecycle management, e-procurement, invoicing, and other business operation areas.
In addition to our source to pay and enterprise contract lifecycle management solutions suite, we also provide a powerful, patented configuration engine solution, which Global 1000 companies use to increase revenue by facilitating the right combination of products, services, and price.
For more information, please visit: www.determine.com.